Ahmed Zaker & Co banned from auditing activities

Ahmed Zaker & Co Chartered Accountants has been banned from auditing all listed companies and mutual funds as the accountancy firm did not attend any enquiry hearing of four mutual funds of UFS Asset Management.

The Bangladesh Securities and Exchange Commission (BSEC) shared the information today through an order.

The BSEC said the audit firm did not attend the hearing for the enquiry of UFS IBBL Shariah Unit Fund, UFS-Popular Life Unit Fund, UFS-Padma Life Islamic Unit Fund, and UFS-Bank Asia Unit Fund.

Universal Financial Solutions Ltd was the fund manager of the funds and Ahmed Zaker & Co was the external auditor.

The enquiry committee found the evidence of some unprofessional activities conducted by the audit firm, the stockmarket regulator said.

UFS Asset Management has embezzled Tk 158 crore in investors' funds from the mutual funds.

Therefore, the order was issued, where it was said: "Ahmed Zaker & Co Chartered Accountants shall not be allowed to conduct any further audit for any mutual fund under the UFS, and also shall not allowed to be the auditor of any mutual funds and listed company till further instruction of the commission."